INSUBCONTINENT EXCLUSIVE:
the Russian banking sector
countries and servicing more than 11,000 banks around the globe.The mechanism allows banks to securely and quickly communicate about
cross-border payments.Cutting off bank services from SWIFT makes both sending and receiving international transfers difficult and cuts off
proposal to disconnect the bank from SWIFT was announced.How will new sanctions affect Sberbank users?The new changes will have little
visible impact for everyday account holders, especially as Sberbank has already been operating under restrictions since the first day of
24, the United States put the bank on the CAPTA list, meaning that U.S
financial system would have to formally close accounts held by Sberbank or its subsidiaries.Later, on April 6, sanctions against Sberbank
were tightened even further
The very next day, Sberbank stopped all currency transfers abroad for its customers.In the meantime, Sberbank clients can still make
transfers within the Russian Federation
alternatives for Sberbank?Russia has been using its own version of SWIFT, SPFS, since 2014
former SWIFT chief executive
